© Reuters. A Meituan supply employee rides a scooter carrying greens on a snowy day in Beijing, China January 19, 2021. REUTERS/Tingshu Wang/File Photograph
By Casey Corridor
SHANGHAI (Reuters) -China’s Meituan posted a bigger-than-expected 22.1% rise in third-quarter income on Tuesday, because the nation’s largest meals supply agency continued its restoration from the pandemic affect of final 12 months.
The platform, whose app supplies providers similar to bike-sharing, ticket-booking and maps, reported June-September income of 76.47 billion yuan ($10.69 billion), versus 62.62 billion yuan in the identical interval a 12 months earlier.
The consequence in contrast with the 75.59 billion common of 15 analyst estimates compiled by LSEG.
Meituan posted a revenue of three.59 billion yuan versus revenue of 1.22 billion yuan a 12 months earlier.
Final 12 months’s third-quarter earnings had been affected by COVID-19 containment measures, which included restrictions on motion in main cities that curtailed supply providers.
Demand stays lacklustre, with China’s post-pandemic financial restoration shedding steam in latest months. Meituan CEO Wang Xing beforehand flagged a more durable third quarter for the meals supply enterprise as a result of macroeconomic headwinds.
Quarterly income from core native commerce, which incorporates meals supply in addition to non-food supply service Meituan Instashopping, rose 24.5% to 57.69 billion yuan.
